Details about how to select Life Insurance and which one !
Which is the best life Insurance available; this is the major question which, everyone is searching for the correct answer or the adviser. The agents are mainly interested in offering the clients with such insurance policies in which they are getting huge commissions. In most of the cases, the agent dares to fool the clients by committing the certain terms which even the policy issuing company doesn’t cover.
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When I first selected to go with the Life Insurance policy, I was chased by several agents who claimed the policies they are offering to be the best in the market and all of them have advantage without any negative point of the policy they are offering.
The other part is that, most of the clients are not able to either understand the terms and conditions of any policy or they are not interested in reading the huge list of conditions. So they fully rely on the agents who are offering the policy. This makes the agents to win a change and make you go for that particular policy in which they are getting huge commissions.
No agent is interested in offering you the best suitable insurance which is comfortable to your budget and protects you maximum.Now I will inform you the best Life Insurances in the market in India available and how to select best suitable for you.
The Expert advice is to keep Insurance and Investment separate. If you will look insurance in Investment then, both will cost you much more than expected and same if you are looking for investment in insurance, then also you are losing.
Now once you have made Insurance and Investment “separate” then for the best Life Insurance is go for “TERM PLAN” also commonly known as “Term Insurance”. The agents always want to cut corners while talking about Terms Insurance as the best Life Insurance; Why? Simple they are not getting any commissions.
The beauty of the Term Insurance / Term Plan is that it’s the cheapest insurance (except LIC) and covers all the risk which one is looking for. For example for a Term Insurance / Term Plan which for Rs.40 Lakhs will cost you between Rs. 5000 to Rs. 8000 per year depending on the Policy company and the applicants age and health. While in regular investment plus insurance policy, to cover this amount you may have to pay between Rs.20, 000 to Rs.35, 000 per month.
The money saved after taking the Term Plan / Term Insurance for life, one can invest the remaining money in Mutual Funds or other schemes as pure investment for future.
When you select for Term Plan for Insurance then the money paid to get the insurance is non refundable. It’s same as you are paying for your vehicle insurance and once the year finishes the insurance also finishes and again you have to pay for the Insurance. These payments are known as Premium in commonly.
All Terms Plans / Term Life insurance is available online.
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